If they are stocks to be bought and held or positions added to over 25-30 years, does it matter?

JLC

From a really LT perspective, you are correct.

The questions were posed more in terms of a DCA perspective.Let's use BRK-B as an example. Currently trading around $80/sh. A single transaction would be60 shares @ $80/sh = $4800Suppose one purchased 20 shares @ $80, @ $75, @ $70, or(20*80 + 20*75 + 20*70) = $4500I think the OP suggested $8/trade, but let's use $10/trade, or $20 for the additional transactions.That's $280 additional capital available for investing in one account. Would the inefficiency occur everyyear? Probably not. But it is still 5.8%